TPG Mortgage Investment Trust Acquires Cherry Hill Mortgage Investment in $1.69 Billion Cash and Stock Deal

TPG Mortgage Investment Trust, Inc. (MITT) entered a merger agreement on August 10, 2026, to acquire Cherry Hill Mortgage Investment Corporation (CHMI), in a deal valued at $1.69 billion, including debt.

Deal Structure:

Holders of Cherry Hill common stock will receive 0.3063 shares of TPG Mortgage common stock and $0.93 in cash per share. The transaction implies a value of $3.1 per share of Cherry Hill common stock, representing a premium of 28.63% from the stock’s last close.

Company Profile:

Cherry Hill Mortgage Investment is a U.S.-based mortgage REIT that acquires, invests in, and manages residential mortgage assets, including residential mortgage-backed securities (RMBS) and mortgage servicing-related assets.

TPG Mortgage Investment Trust is a U.S.-based residential mortgage REIT that invests in and manages a diversified portfolio of residential mortgage-related assets. It is externally managed by an affiliate of TPG Inc. (TPG), which has approximately $327 billion in assets under management.

Deal Details and Timeline:

The merger is expected to close in the fourth quarter of 2026.

TPG Mortgage stockholders are expected to hold approximately 73% of the combined company’s equity, while Cherry Hill stockholders are expected to hold about 27%.

Cherry Hill stockholders will receive about 30% of the merger payment in cash. This includes roughly $20 million from TPG and $15 million from TPG Mortgage, equal to $0.52 per Cherry Hill share and $0.41 per share, respectively.

At closing, each share of Cherry Hill’s 8.2% Series A Cumulative Redeemable Preferred Stock and 8.25% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock will be converted into one newly issued share of TPG Mortgage’s 8.2% Series D Cumulative Redeemable Preferred Stock and 8.25% Series E Floating Rate Cumulative Redeemable Preferred Stock, respectively. The new TPG Mortgage preferred shares will have substantially the same rights, preferences, privileges, and voting powers as the corresponding Cherry Hill Series A and Series B Preferred Stock.

The combined company will keep the name TPG Mortgage Investment Trust, Inc. It will continue to be led by TPG Mortgage’s existing management team, with T.J. Durkin serving as President and Chief Executive Officer.

Cherry Hill will appoint two independent directors to TPG Mortgage’s Board, increasing the Board’s size to eight members. The combined company will be headquartered in New York.

Cherry Hill received financial advice from BTIG, while Mayer Brown served as its legal advisor. TPG Mortgage received financial advice from Piper Sandler, with Hunton Andrews Kurth, Freshfields, and Fried, Frank, Harris, Shriver & Jacobson serving as its legal advisors.

TPG Mortgage has agreed to pay 0.38 times Cherry Hill’s tangible book value.

Deal Metrics:

For a more comprehensive analysis of this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Cherry Hill Mortgage Investment Corporation (CHMI) by TPG Mortgage Investment Trust, Inc. (MITT)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Details on every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more.

Disclaimer: We advise doing your own due diligence before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article